By Andrew Lambe, 24th June 2026
The Irish Government has launched a new action plan to strengthen Ireland’s response to financial crime, alongside the latest National Risk Assessment (NRA).
Announced by Tánaiste Simon Harris and Minister for Justice Jim O’Callaghan, the plan sets out 30 action points aimed at improving how the State identifies, monitors and responds to threats such as money laundering, fraud, and terrorist financing.
While much of the focus is on coordination between State agencies, the ‘Priority Action Implementation Plan’ contains a few important changes and updates that will have an impact on the number of Anti-Money Laundering (AML) regulated industries, such as the Accountancy profession and TCSPs.
A Shift Towards More Active Enforcement
At its core, the plan marks a move from understanding risks to actively addressing them in a more coordinated way.
There is a clear emphasis on:
- Stronger intelligence sharing between agencies
- Faster identification of criminal activity
- Greater use of data and analytics
- More structured collaboration between the public and private sectors
The message is straightforward: compliance is becoming more visible, measurable and enforceable in real time.
A More Data-Led and Engaged Regulatory Approach
A key priority is improving how information is collected and shared — from suspicious transaction reports (STRs) to enforcement outcomes — and using that data to guide supervisory activity.
Regulators are expected to provide more structured feedback to industry, with firms expected to incorporate that insight into their own risk assessments and controls.
In practice, this means a more ongoing dialogue with regulators, rather than periodic or reactive engagement.
Keeping Pace with Technology
The plan places a strong emphasis on ensuring that financial systems keep pace with innovation — particularly in areas like AI, crypto and digital services.
This reflects findings in the National Risk Assessment, which identified increased money laundering risk in areas such as:
- Crypto-asset providers
- Fund management companies
- Remote betting and gambling
Regulated firms are expected to ensure their AML frameworks evolve in line with these risks, adapting controls as new technologies emerge.
The focus is not just on compliance, but on whether businesses properly understand how their models can be exploited.
Greater Transparency Around Ownership and Structures
Another consistent theme is improving transparency across corporate structures.
This includes measures such as:
- Mandatory disclosure of UBOs and controllers of all Limited Partnerships.
- More effective linking and cross-checking of ownership registers
- Independent verification of information submitted to the CRO
There are also reviews underway in areas like audit exemptions and certain tax-related structures, aimed at ensuring appropriate levels of oversight.
The overall direction is towards more reliable and verifiable corporate information, with fewer opportunities for opacity.
Register of Accountancy Firm TCSPs to be Established
One notable development is the proposal to establish a register of TCSPs supervised by accountancy bodies, providing a more complete view of the sector.
While Tax Advisers and external Accountants are already listed as regulated entities on the Department of Justice (AML Unit) website, this step is designed to improve coordination across supervisory authorities and ensure consistency in oversight.
Alongside this, the plan also points to:
- Potential mandatory registration requirements with FIU Ireland for reporting entities
- Expanded sanctioning powers for AML supervisors
- Taken together, these changes suggest a system that is becoming more joined-up, with fewer gaps between different supervisory channels.
Increased Scrutiny of Funding and Financial Flows
The plan also highlights the need for stronger oversight of how funds move through the system.
This includes:
- Developing standards for assessing crypto-related sources of funds
- Strengthening rules in sectors such as gambling
- Increasing visibility around certain investment and tax-driven structures
The aim is not to restrict legitimate activity, but to ensure that the origin and purpose of funds can be clearly understood.
Stronger Coordination Across Agencies
A new national group — involving bodies such as An Garda Síochána, the Central Bank, Revenue and the Defence Forces — will be established to coordinate efforts around terrorist financing and sanctions evasion.
More broadly, the plan repeatedly emphasises:
- Improved information sharing
- Alignment between regulators and enforcement bodies
- A more intelligence-led approach
This should lead to a system where issues identified in one area are more easily detected elsewhere, reducing fragmentation.
Conclusion and Commentary
The key themes are clear:
- Better use of data
- More consistent supervision
- Greater transparency
- Stronger coordination across agencies
For businesses operating in or alongside regulated sectors, the practical impact will be a continued shift towards clear, well-documented and defensible compliance, particularly where structures, ownership and funding are concerned.
As the system becomes more connected and more data-driven, the emphasis will increasingly be on how well these areas are understood — not just whether the right boxes have been ticked.
Disclaimer: This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.
